Consolidated Edison Inc $ED Shares Sold by Berger Financial Group Inc

Berger Financial Group Inc decreased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 19.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,488 shares of the utilities provider’s stock after selling 589 shares during the quarter. Berger Financial Group Inc’s holdings in Consolidated Edison were worth $250,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. AMF Tjanstepension AB increased its stake in shares of Consolidated Edison by 24.6% in the 2nd quarter. AMF Tjanstepension AB now owns 286,622 shares of the utilities provider’s stock worth $28,780,000 after acquiring an additional 56,535 shares during the last quarter. Quent Capital LLC grew its holdings in shares of Consolidated Edison by 26.5% in the second quarter. Quent Capital LLC now owns 3,058 shares of the utilities provider’s stock valued at $307,000 after purchasing an additional 640 shares during the period. 111 Capital acquired a new stake in Consolidated Edison during the second quarter worth about $1,769,000. Hennessy Advisors Inc. raised its stake in Consolidated Edison by 1.8% during the second quarter. Hennessy Advisors Inc. now owns 138,936 shares of the utilities provider’s stock worth $13,942,000 after purchasing an additional 2,500 shares during the period. Finally, QRG Capital Management Inc. raised its stake in Consolidated Edison by 5.0% during the second quarter. QRG Capital Management Inc. now owns 337,403 shares of the utilities provider’s stock worth $33,858,000 after purchasing an additional 16,167 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of ED opened at $99.28 on Tuesday. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The stock has a market capitalization of $35.81 billion, a PE ratio of 18.02, a PEG ratio of 2.75 and a beta of 0.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The stock has a 50-day simple moving average of $99.91 and a 200-day simple moving average of $103.17.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same period last year, the firm earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 13th. Consolidated Edison’s payout ratio is presently 61.71%.

Analysts Set New Price Targets

Several research firms have recently commented on ED. Bank of America lowered shares of Consolidated Edison from a “buy” rating to an “underperform” rating and reduced their price target for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Barclays lifted their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an “underweight” rating in a research report on Wednesday, August 13th. Scotiabank increased their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday, August 11th. Weiss Ratings restated a “buy (b-)” rating on shares of Consolidated Edison in a report on Saturday, September 27th. Finally, Mizuho increased their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.92.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.